- Gold continues to just rip to the upside, and I think that might continue to be the case, but I'm also a little bit cautious about chasing it all the way up at this level.
- In fact, I have liquidated a huge portion of my gold holdings only to buy it on a dip, but when you start to see the market go a little bit to the parabolic side, it's time to start, perhaps, taking care of trade management.
- So, while I would certainly not short this market, I do think that you will get a better price to enter.
Nonetheless, the market is almost certainly going to go looking to the 2900 level. And then I believe the 3000 level. And in fact, $3,000 is my target at the moment. Nonetheless,
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I Want a Pullback
I would love to see some type of pullback towards the $2,800 level that I can take advantage of. Right now, if you are not involved in this market, clearly you don't need to be chasing it. If you are long of gold, you could follow me and take some profit, or in my case, I took about 80%, and then I'll let it pull back. And once it pulls back and then bounces again, I'll start adding.
Worst case scenario, you take a big chunk of profit now and let a little run for quite some time. I typically look at gold through the prism of the US dollar and interest rates, but sometimes it's more about the overall global chaos that you are seeing. Right now, I think a lot of it is all three. So with so many different fundamental factors lifting gold, I think it's only a matter but I think a little bit of exhaustion would go a long way into bringing more people into the market, which is essentially what we're all hoping for.
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